European flat steel prices have increased over the past two weeks, supported by higher domestic offers and mounting pressure on imports amid new regulatory developments. In particular, ArcelorMittal has raised its offers for CRC and HDG by €50/mt, prompting other European mills to attempt similar price hikes. However, many market sources have argued that the latest offers do not fully reflect prevailing demand conditions, as trading activity has remained slow. At the same time, the introduction of the EU’s Carbon Border Adjustment Mechanism (CBAM) and ongoing antidumping investigations against CRC have reduced buyers’ appetite for imports, tightening available supply and improving domestic mills’ ability to push for higher offers.
Specifically, while offers for CRC and HDG from ArcelorMittal have increased to €870-880/mt delivered, for April-May deliveries, compared to €820-830/mt delivered a few weeks ago, other European mills have been trying to attempt similar moves, though most market sources argue that the latest offers disregard the prevailing market conditions. Thus, in the domestic CRC market, most mills in Italy and northern Europe have been targeting €790-820/mt ex-works, versus €770-790/mt ex-works two weeks ago. However, tradable prices have been estimated at around €770-780/mt ex-works, up by €20-30/mt over the past two weeks. At the same time, most mills have been aiming to increase prices to around €800-830/mt for delivery in May, according to sources.
“The market remains slow, with most buyers are asking for CRC, but domestic mills are mainly offering higher grades. Besides, with antidumping investigations now covering a large share of volumes from key origins, import availability is tightening fast,” a market insider told SteelOrbis.
In the import segment, offers for CRC have been rare this week, with indicative prices settling at €660-680/mt CFR, depending on the supplier, the same as two weeks ago. Very few offers have been heard on CFR basis this week, due to AD duty and considering that customers are unwilling to take the risk of purchasing without clarity on CBAM costs. Furthermore, offers for ex-South Korea and ex-China CRC have been reported at €760-780/mt DDP, including CBAM costs, up by €20-30/mt over the past two weeks. Besides, the last offers for ex-Brazil CRC have been heard at around €750-760/mt DDP.
In the HDG segment, while most mills both in Italy and in the north of Europe have been targeting €790-820/mt ex-works for April delivery, domestic tradable prices have settled at €770-780/mt ex-works both in northern Europe and Italy, compared to €750-770/mt ex-works two weeks ago.
In the import segment, trade has remained limited, with offers for ex-Vietnam HDG Z100 voiced at around €760/mt DDP last week, while offers from other Asian suppliers have been estimated at €760-780/mt DDP.
